Most people are aware that student loans have reached record levels. In fact, there is now more outstanding student loan debt than consumer credit card debt.
But here’s something most people don’t know: Nearly HALF of all open student loans are still in the deferment period. USA Today reports:
Student loans have increased by 84% since the recession (from 2008 to 2014) and are the only type of consumer debt not decreasing, according to a study from Experian, which analyzed student loan trends from 2008 through 2014.
The analysis also finds that in total, a staggering $1.2 trillion is bleeding students dry.
Of all of the open student loan accounts, says Experian, 39% ($417 billion) are in deferment (the period during which payments are not obligatory) and 61% ($727 billion) are in repayment. Of the consumers who are currently in the repayment stage, their average payment is $279 per consumer.
Many young adults are already feeling the pressure of their student loans, but what happens when the other 39% of student loans enters the repayment stage? Leave a comment with your thoughts below.